EGR Valve Market to Witness Enhanced Demand From Booming Automotive Sector Till 2023 | Million Insights

EGR Valve Market to Witness Enhanced Demand From Booming Automotive Sector Till 2023 | Million Insights

PR Newswire

FELTON, California, January 15, 2019

FELTON, California, January 15, 2019 /PRNewswire/ --

The global EGR Valve Market is subject to witness a substantial growth due to the capability to improve engine efficiency and fuel economy. Factors responsible for robust market growth include ability of EGR valve to reduce high temperatures within the combustion chamber, substantial enhancement in the fuel economy and engine efficiency. Globally, the market is predicted to generate massive revenue over next seven years, providing numerous opportunities for market players to invest for research and development in the exhaust gas recirculation (EGR) valve market. Exhaust gas recirculation (EGR) valve are extensively used in the internal combustion engines. Exhaust gas recirculation (EGR) valve helps to reduce the carbon emissions occurred in diesel and petrol or gasoline engines. Exhaust gas recirculation (EGR) valve functions such as that it circulates the engine's exhaust back to the engine cylinders. These factors are significantly contributing to market growth in the past few years. Exhaust gas recirculation (EGRs) valves that are used in the diesel engines assists in changing the parts of the oxygen, which is in excess amount in the mixture of pre-combustion.

Shifting trend towards automation & digitalization of various industrial processes is expected to boost market growth over the forecast period. In addition, rapid expansion of existing facilities and petroleum refining plants are estimated to drive the growth of valve market over the forecast period. Development of advanced flow control tools is projected to have positive impact on market growth in the near future. Highly efficient and effective maintenance techniques for EGR valve are important for safer and cost efficient functions of in internal combustion engine. However, European region has witnessed economic slowdown in the EGR valve market over last few years. Yet, rise in the number of offshore sites and high-end demand from booming automotive sector from BRICS economies is expected to favor market growth over the next seven years.

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The market is broadly categorized into two major segments based on the application type such as electric EGR valve and pneumatic EGR valve. The electric EGR valve is considered as one of the fastest growing segment in the with substantial revenue generation in the last few years. Growing popularity of the electric EGR valve segment is attributed to the increasing demand from passenger vehicles. The market is divided by region as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in recent years owing to the rise in the implementation of latest technologies, growing manufacturing activities, soaring demand for automobile industry, market expansion for petroleum refining plants, increase in the number of research & development activities in the region and existence of well-established infrastructure. Asia-Pacific region is predicted to hold major market share in the EGR valve market with massive growth in forecast period. Countries such as India, China and Singapore are leading the Asia-Pacific market with rapid growth in automotive and energy & power sectors, strong economic growth, rising per capita income, and significant investment by leading industry players considering potential growth opportunities in the region. The key players in the EGR valve market are Lames S.p.a, SHB Group, Inc., Inteva Products, LLC, Aisin Seiki Co., Ltd., ZhongShan ShengTai Automobile Parts Co., Ltd., Hi-Lex Co., Grupo Antolin Co., and Valeo Pvt., Ltd.

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